Question 1

Am I ready to buy a house?

Accepted Answer

Your readiness depends on four key factors: credit score (aim for 620+), debt-to-income ratio (below 43%), down payment savings (3-20% of purchase price), and knowledge of the mortgage process. HomeIQ Academy's free Readiness Quiz evaluates all four and gives you a score out of 100 with specific next steps.

Question 2

Can I afford to buy a house with my income?

Accepted Answer

A general guideline is that your monthly housing payment (including principal, interest, taxes, and insurance) should not exceed 28% of your gross monthly income. Your total debt payments including housing should stay below 43%. HomeIQ Academy's Affordability Simulator calculates your maximum purchase price based on your real numbers.

Question 3

How do I know if I qualify for a mortgage?

Accepted Answer

Mortgage qualification depends on your credit score, income stability, debt-to-income ratio, down payment amount, and employment history. Most lenders require 2 years of stable employment, a DTI below 43%, and a minimum credit score of 580-620 depending on the loan type. HomeIQ Academy's Mortgage Qualification Simulator checks all these factors instantly.

The Homebuyer Challenge

How It Works